Imposition of penalty u/s 271(1)(c) on highly debatable issue is unsustainable

Nagarjuna Oil Corporation Ltd Vs ACIT (ITAT Chennai)

ITAT Chennai held that levy of penalty u/s. 271(1)(c) of the Income Tax Act alleging furnishing of inaccurate particulars of income unsustainable as the matter is highly debatable.

Facts- The only common issue here is with regard to confirming the levy of penalty u/s.271(1)(c) of the Income Tax Act relating to interest income claimed by assessee, on the pre-commencement of business period, as capital receipt as against assessed by AO as revenue rece

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